Massachusetts-based ePropelled has raised $15 million in Series A financing from individual investors. It will use the new funding to further develop its products and boost its sales and marketing efforts.
ePropelled builds motors, generators and power management systems. Products include eAxles and the Dynamic Torque Switching (eDTS) powertrain system for EVs, as well as propulsion and power systems for unmanned aerial vehicles (UAVs).
ePropelled stresses the critical importance of EV efficiency. According to the company, battery packs account for 30% of total vehicle cost, and ePropelled’s technology can reduce that by 15%. The company claims that “in the best-selling electric vehicle in the US, using ePropelled’s technology would cut the car’s weight by 159 pounds and reduce the cost by $1,654.”
“The addressable market for our business is expected to reach $18 billion by 2025 and accelerate to over $100 billion by 2030,” said ePropelled CEO Nick Grewal. “While EVs are popular, their higher price—driven largely by battery pack costs—is preventing wider adoption and creates a compelling business opportunity we are uniquely positioned to address with our game-changing technology.”